EOH, Seacom deal secures Competition Commission green light
The Competition Commission has approved, with no conditions, technology services company EOH Holdings’ divestment of its subsidiaries Network Solutions (EOH-NS) and Hymax businesses to information and communication technology (ICT) infrastructure group Seacom South Africa.
This followed the April 6 agreements to sell the subsidiaries, which operate under EOH Group’s ICT division iOCO, for R144.9-million.
The proceeds from the sale, net of costs, will primarily be applied to reduce EOH debt further.
“We are extremely pleased that the Competition Commission has approved this deal with no conditions. The conclusion of this deal enables the EOH Group to continue on its journey of creating a fit-for-purpose capital structure. We are also excited for the many prospects that EOH-NS and Hymax can target as part of the Seacom Group,” says EOH Group CEO Stephen van Coller.
EOH will continue its business engagements with Seacom and existing customers will not be impacted by the transition.
“EOH anticipates a positive outcome from this deal for its staff and customers, whereby EOH will continue to provide connectivity solutions and enhanced offerings with the backing of Seacom.”
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